In In re PetroChina Co. Securities Litigation, No. 13-cv-6180 (S.D.N.Y. Aug. 3, 2015), the district court considered a shareholders’ class action suit brought against PetroChina Company, Ltd., the American Depositary Shares of which were listed on the New York Stock Exchange. The case arose in the wake of public corruption scandals involving the company and certain senior officers. Plaintiffs alleged that the defendants issued a series of fraudulent statements and certifications relating to compliance, chief among them a Sarbanes-Oxley certification stating that the author had disclosed any fraud involving management and certain other employees and that he had disclosed any significant internal control deficiencies to the company’s auditor, and statements in the company’s annual report that its internal controls were adequate. Among other deficiencies, the court found that the complaint did not adequately allege that the statements were false – it did not allege the company had failed to evaluate its internal controls or disclose any weakness to its auditors; it did not assert the certifying officers neglected to inform the company’s auditor of any relevant fraud; and it did not specifically allege how the company’s internal controls were inadequate. Accordingly, it granted the defendants’ motion to dismiss the case.